Pay Yourself First (Part I - Basic Level)

As a child in primary school, I excelled at calculus. One day, a secondary school friend asked, "Fabri, what's 5+1?" I quickly answered, "6." Then he asked, "And 6+3?" I replied, "9, that's too easy." Finally, he asked, "What about 3-9?" I immediately said, "IMPOSSIBLE!!!" He responded, "It's possible, but you haven't learned it yet." Frustrated, I asked my teacher during the next math class, "What is 3-9?" My teacher said, "I won't tell you now; it's a secondary school topic."

I relay this story because this week, I want to discuss a basic financial concept: Pay Yourself First. This principle involves prioritizing your financial future by saving a portion of your income before spending on anything else. Just as in my story of calculus in primary school, understanding this basic concept is crucial. However, just as I was frustrated not knowing the answer to my friend's question, I will soon share the advanced level of paying yourself first.

By paying yourself first, you ensure that you are consistently saving and investing in your future. This habit helps build a financial cushion, prepares you for emergencies, and sets you on a path toward financial independence.

Start small if you need to, but make it a habit. Every time you receive income, allocate a portion to your savings or investment account before spending on other expenses. Over time, you'll be surprised at how much you can accumulate and how secure you'll feel knowing you're prioritizing your future.

How do you prioritize your savings? Share your strategies in the comments!

P.S. Stay tuned for Part 2, where we'll explore the "advanced level" of paying yourself first and how it can supercharge your financial journey!

#FinancialLiteracy #PayYourselfFirst #Savings